A Maine residential purchase agreement is essentially a binding contract for buying or selling a home. It details terms like price, payment, closing date, and inspection details.
It also includes the responsibilities and rights of both parties and mandates seller disclosures about the property’s condition. This agreement solidifies the deal once both sides sign, making it final unless mutually revoked.
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Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
A representative of the seller must disclose to prospective buyers any known issues with the property, such as environmental hazards, structural defects, and title discrepancies, in accordance with § 173.
In Maine, sellers must disclose material defects in real estate. Unlike in some states where “buyer beware” applies, buyers must inspect for defects or risk having no recourse to undo a sale.
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